2007-06-09 14:58:45 · 5 answers · asked by cedtwice2000 1 in Business & Finance ➔ Taxes ➔ United States
initally they will take 28%. If that is too much you will see it come back when you file your tax return.
2007-06-09 16:19:16 · answer #1 · answered by italiatom 2 · 0⤊ 0⤋
It depends on your tax bracket, including the winnings. If you're in a 25% bracket, then $2500 of the money would go to federal income tax, so you'd get to keep $7500 of it.
Note that they'll withhold some taxes from the winnings when you get the check, but that might or might not be the amount you'll actually owe. When you file your income taxes next year, you'll list the winnings as "other income", and show the amount withheld. If they took out too much, you'll get the extra refunded; if they didn't take out enough, you'll owe the balance.
In any case, congratulations - you'll end up with a nice amount of extra money there.....
2007-06-11 18:12:28 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
That will depend upon your marginal tax rate. Without knowing quite a bit about your finances, it's not possible to give you any kind of meaningful number.
2007-06-09 22:27:38 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
prolly like 2,500 maybe 2000
2007-06-09 22:02:27 · answer #4 · answered by Anonymous · 0⤊ 1⤋
Probably around $6500 or so.
2007-06-09 22:02:25 · answer #5 · answered by Bob Thompson 7 · 0⤊ 1⤋